Malaysia-based Sapura Upstream has signed farm-in agreements for three offshore exploration permits held by Australian oil and gas company Finder Exploration.
With the farm-in agreements, Sapura Upstream enters the Australian oil and gas sector.
Sapura Energy president and group CEO Tan Sri Dato’ Seri Shahril Shamsuddin said: “Our entry into Australia marks another significant milestone for our upstream business as we continue to pursue growth in line with our strategy to expand our portfolio and acreage position.
“Our joint venture with Finder is a demonstration of the trust and recognition for both our shallow and deep-water capabilities, technical skills and geological expertise.”
After closing of the farm-in agreements, Sapura Upstream will buy a 70% interest in all three exploration blocks consisting of EP 483 & TP/25, WA-412-P and AC/P 61 and assume operatorship.
The remaining 30% stake in these permits will continue to be owned by Finder.
The three blocks are located in the North West Shelf oil and gas province off Western Australia.
The joint venture (JV) will drill two exploration wells in the Carnarvon Basin permits from 2019 to 2020, besides acquiring seismic data in the AC/P61 permit in 2019 to mature the potential drilling sites.
Both EP 483 & TP/25 and WA-412-P permits are located in the shallow waters of Carnarvon Basin.
Located in the Vulcan Sub-basin, the AC/P 61 permit is surrounded by oil and gas discoveries and contains several prospects and leads.